The second most popular cryptocurrency in the world, Ethereum (ETH), last year announced the transition from the outdated Proof-of-Work consensus algorithm to the new Proof-of-Stake. This change has greatly improved the platform ecosystem, but some pressing problems remain unresolved.
The process of protocol conversion and evolution of Ethereum to Ethereum 2.0. described by platform founder Vitalik Buterin in the roadmap, which he published at the end of 2022.
What is the Ethereum Roadmap?
The roadmap is a plan for the further development of Ethereum. It consists of several stages (blocks). One of the main goals of the global update outlined in the roadmap is the introduction of zk-SNARK (zero-knowledge proof) technology into the blockchain. It will help Ethereum users maintain privacy and create secure user tokens. Let’s see what different stages offer to users, according to the Ethereum roadmap.
#1 The Merge
The first block of the Merge update took place on September 15, 2022. It led to a reduction in network energy consumption, an increase in performance parameters and a drop in the emission of new coins.
With The Merge, the network has taken a big step towards creating a simpler, more reliable and secure consensus. The update was also supported by the Shapella hard fork, carried out in April 2023. Users can now freely withdraw ETH from staking. According to the roadmap, implementing The Merge was only 55% of Ethereum's complete transformation.
#2 The Surge
The primary goal of the Surge phase is to address issues related to network scalability. Today, this matter is causing significant concern. The purpose of this update is to achieve a minimum performance of 100,000 TPS. Currently, the network can process between 10 to 20 TPS.
The potential for scalability will be broadened through the implementation of rollups. This technology enables decentralized applications (dApps) to consolidate their transactions outside the main network, thereby conserving its resources.
This update is based on the enhancement proposal EIP-4844 (Proto-Danksharding). It aims to:
Decrease transaction fees;
Divide the network into multiple segments, aiding in scaling;
Introduce a new transaction type.
Developers are committed to making Ethereum more user-friendly and accessible to a broader audience. There is a chance that after the Surge, it will be possible to create L2 products and ZK-Rollups on the platform.
#3 The Scourge
The main goal of the Scourge update is to fight against the issue of MEV's "invisible tax." Maximal Extractable Value (MEV) is a mechanism that permits users to independently manipulate the inclusion, exclusion, and order of transactions in an upcoming block. Due to MEV, users often incur additional fees. The Scourge aims to establish a more dependable system for managing transaction orders within a block, thereby eliminating risks associated with MEV.
#4 The Verge
The fourth segment of the update, named the Verge, is responsible for the implementation of SNARK (Succinct Non-Interactive Argument of Knowledge) technology.
The goal is to straighten network anonymity while preserving the ability to trace transactions. Upon SNARK's integration into the protocol, validators will no longer have the authority to censor transactions. Moreover, they will be unable to access information about the sender, recipient, and transfer amounts.
#5 The Purge
The Purge phase aims to simplify the protocol by erasing Ethereum's historical data and reducing computational expenses. Developers are dedicated to changing the way data is stored and processed.
The key ingredient in this phase is EIP-4444 – this mechanism will establish checkpoints for data synchronization. With its help, data from 100 days ago can be accessed without the necessity of downloading the entire blockchain.
#6 The Splurge
The final segment, the Splurge, is designed to rectify and refine any remaining issues that were not addressed in the preceding stages. It will be implemented after completing all the prior phases of the system. The Splurge is expected to operate seamlessly. Its launch will signify the end of major Ethereum updates.
What does the future hold for Ethereum?
Ethereum's roadmap represents a significant milestone in the evolution of blockchain technology. With each phase carefully designed and executed, Ethereum is not merely undergoing updates; it is shaping the future of decentralized systems. The roadmap's focus on scalability, fairness, anonymity, and simplification is a testament to Ethereum's commitment to addressing the challenges of today while preparing for the demands of tomorrow.
Such an enormous roadmap has shown users that there is still a long way to go before a final update of Ethereum. There is a lot of difficult work ahead. Yes, there probably will be some challenges in the future that might change the Big Plan. But no matter what everyone is waiting for the Splurge phase to come, which will mark a new era of cryptocurrency.
Conclusion
As Ethereum progresses through its planned stages – from resolving scalability issues with the Surge, combating unfair fees through the Scourge, enhancing anonymity via the Verge, and simplifying protocols with the Purge, – it becomes obvious that Ethereum is not just a cryptocurrency. It is a dynamic ecosystem constantly adapting and innovating.
This roadmap signifies more than technical advancements. It reflects a community-driven dedication to democratizing finance, ensuring security, and promoting inclusivity in the digital age. As these updates unfold, Ethereum is not only transforming its own infrastructure but also inspiring the entire blockchain industry, setting new standards for transparency, efficiency, and user empowerment.
